Oftentimes, we have heard about these forms from our income tax lawyers or colleagues to fill them in time. But what are they really? They are simply Income Tax return forms which every individual have to submit to the Income Tax Department. Generally, the company declares our TDS details in these forms.

TDS refers to Tax Deducted at Source that is a type of advance tax. A particular tax amount is levied by the government as and when the transaction takes place. In fact, TDS is the amount deducted by the payer and paid to the government. PostTDS payment, each individual has to file TDS return where mentioning of the PAN of the payee is mandatory. 

Every company, partnerships firms, LLPand people who underwent the Tax Audit in the previous year have the responsibility of deducting TDS from the specified payment they paid.FYI, TAN is required for TDS deductions. 

For mentioned TDS payment, payers have to fill certain forms for TDS return. Based on several aspects, these forms have some different features and basic features. For detailed information and features of the forms continue reading.  Also to note that Government authorized Gen TDS E-filing software for TDS returns is suggested frequently across the tax professional community.

Form 24Q:

• This form is required to fill for declaring the TDS return details of a citizen.
• The information filled in the form is related to a citizen’s salary payments and the deductions pay for tax.
• The companies and firms are required to produce the declaration and payment of TDS quarterly.
• Details need to be provided includes Deductor, Deductees, Challans as well as Salary TDS.
• One can download and submit the form online along with the required documents as well as submitted in-person/company/organization. However, there are certain people for those online form submission is mandatory. They are.
• if the deductor is a Government office
• If the deductor is a company principal officer
• If the deductor is needful of auditing their accounts for the foregoing year under 44AB of theIncome Tax Act, 1961.
• If deductees have 20 or more entries in a statement for any quarter of an individual financial year.
•  Along with the form 24Q, Annexure I and Annexure II are also the forms required to submit. Annexure I needs to be filled in for all four quarters of the year.
• Annexure II has to be filed only for the last quarter of the year.

Form 26Q:

• This form is required to fill up for declaring TDS returns details of an individual. 
• This form is in regard to their payments except for salary.
• It is needed to fill for affirmation by people who are living and working in India and Indian citizens. 
• This form is obligatory under the subsection (3) of section 200 of the Income-tax Act, 1961. 
• The sections under which the form falls, and can be helpful as the source to fill in the declaration form include sections 193, 194, 194A, 194BB, 194C, 194D,194EE, 194F, 194G, 194H, 194I, 194J, 194LA and rule 31A.
•  It should be mentioned in the form of whether the deductor is Government or non-Government.
• It is mandatory to mention thePAN for non-Government deductors.
• In the case of Government deductors, "PANNOTREQD" is compulsory to mention on the form. Mentioned.

Form 27D:

• The Form 27D is considered as a Certificate under section 206C of the Income-tax Act, 1961 for tax collected at source.
• Simply, TCS is the tax that is levied by Seller from Buyer of certain goods. The payable amount is deducted from the account of the buyer by the buyer. Otherwise, the buyer pays in the form of a cheque, cash, demand draft or other modes of payment for certain prescribed goods as per the Section 206C (1) for the business purpose, not for personal use.  
• TCS is applicable to underwritten goods which are:
• Alcoholic Liquor that is consumed by humans.
• Tendu leaves
• Timber that is obtained from a forest which is under a lease
• Timber obtained from any other forest that is not on the lease.
• Any other produce rather than timber, tendu leaves, and Scrap from any other forest
• As per the section in the form, goods, buyer, and seller have different definitions based on which certain exemption are offered on TCS.
• Filed in Challan 281, TCS Amount is required to be paid within a week from the final day of the month in which tax is expected to be collected. Furthermore, Form 27D also issues TCS Certificate for the buyers.

Form 27Q:

• This form needs to fill for the declaration of TDS returns details of NRIs and foreigners
• This form is related to the payments of foreigners and NRIs expect a salary.
• It is mandatory for non-Government deductors to quote the PAN in the form.
• For Government deductors, "PANNOTREQD" is required to be mentioned.
• The deductor category needs to be determined depending upon theAnnexure 1.
• If the deductors are Central Government, the Ministry/Department needs to be mentioned. The same applies to the State Government.
• It is compulsory to fill in all the amount columns. If there is no amount to fill, 0.00 has to be mentioned.
• The Form 27Q falls under the sub-section (3), Section 200 of the Income-tax Act, 1961 as a tax deduction statement for a quarter. 

Form 27EQ:

• It is compulsory to quote the TAN in this form.
• It is a quarterly declaration statement of collection of (TCS) tax at source.
• The form falls under the section 206C of the Income Tax Act.
• It is mandatory for non-Government deductors to quote the PAN in the form.
• For Government deductors, "PANNOTREQD" needs to be mentioned.
• The deductor category needs to be determined as per the Annexure 1.
• If the deductors are Central Government, the Ministry/Department needs to be mentioned. The same is applicable to the StateGovernment.
• Simply, TCS is the tax that is levied by Seller from Buyer of certain goods. The payable amount is deducted from the account of a buyer by a buyer. Otherwise, the buyer pays in the form of a cheque, cash, demand draft or other modes of payment for certainly prescribed goods as per the Section 206C (1) for the business purpose, not for personal use.  

Form 24Q and 26Q Due Dates:

• Form 24Q is the declaration for TDS from salaries, which is compulsory to be filled and submitted quarterly by the deductor.
• The due dates for the E-TDS return for both 24Q and 26Q will be as follows.
• For the quarter ending 30th June, the due date will be July 31.
• For the quarter ending 30th September, the due date will be 31st October. 
• For the quarter ending 31st December, the due date will be 31st January.
• For the quarter ending 31st March, the due date will be 31st May.
• Form 24Q E-TDS Annual Returns:

Form 24Q E-TDS Annual Returns:

Form 24Q is E-TDS form for annual returns. In this form, one has to fill in his/her annual return of salaries, and the details like Tax Deduction Account Number, your Permanent Account Number, Employer Name, Employer Category, OfficeAddress, etc. Further details related to the salary paid and the amount of money deducted as a tax on it, also need to be disclosed in the form along with the information such as the tax deducted and paid to the credit of the central government.

The Form 24Q has two annexures-Annexure I and II. Wherein the Annexure I should be filled up with the details including the deductor, deductees, and challans. TheAnnexure II, on the other hand, has to be filled with details related to your salary. The Annexure I should be filled and submitted quarterly whereas the Annexure II should be submitted only in the last quarter of each financial year. 

Form 24Q E-Filing:

Every government and corporate collector/deductor has need to submit TDS returns in an electric form, as are all collectors/deductors who get their accounts audited under section 44AB in the previous financial year.  Using any RPU (Return PreparationUtility) one can file E-TDS returns online. In order to help individuals for filling their E-TDS, a number of third-party services and software are available in the market. Also, the government of India has released a TDS RPU which one can download from the NDSLwebsite for filing the E-TDS. 

Form 24Q vs Form 26Q:

For TDS Return on salary payments, theForm 24Q is filed and submitted. On the other hand, Form 26Q is filed and submitted for TDS Return on domestic payments rather than salary.